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CIT Group Announces Second Quarter 2017 Results

July 25, 2017, 07:13 AM
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CIT Group reported second quarter net income of $157 million compared to $17 million for the year-ago quarter.  Income from continuing operations for the second quarter was $41 million compared to $88 million in the year-ago quarter.

Income from continuing operations excluding noteworthy items for the second quarter was $126 million compared to $94 million in the year-ago quarter.

"We made significant progress in advancing our strategic plan in the second quarter as we position CIT to be a leading bank serving the middle market and small businesses nationwide," said Chairwoman and Chief Executive Officer Ellen R. Alemany. "We successfully closed on the sale of Commercial Air, completed nearly $9.5 billion of capital and liability management actions, reached an agreement to sell our last remaining ongoing overseas business, and received a non-objection on our 2017 capital plan."

Alemany continued, "As we look ahead, we remain focused on executing our plan to achieve a 10 percent ROTCE by the end of 2018, which includes maximizing the potential of our businesses, achieving our expense goals, reducing funding costs and optimizing the capital structure."

ROTCE for continuing operations was 2.84%. ROTCE for continuing operations excluding noteworthy items was 8.14%. Tangible book value per common share at June 30, 2017, was $46.34. The preliminary Common Equity Tier 1 capital ratio increased to 14.4%, and the preliminary Total Capital ratio increased to 16.2%, at June 30, 2017. These capital ratios are calculated under the fully phased-in regulatory capital rules.

Financial results for the second quarter in both continuing and discontinued operations were impacted by noteworthy items related to the company's strategic initiatives.

Read the full earnings release here.

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